AUCMALtd (SHSE:600336) Might Be Having Difficulty Using Its Capital Effectively
AUCMALtd (SHSE:600336) Might Be Having Difficulty Using Its Capital Effectively
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating AUCMALtd (SHSE:600336), we don't think it's current trends fit the mold of a multi-bagger.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在調查了Aucmaltd(上海證券交易所代碼:600336)之後,我們認爲其當前的趨勢不符合多袋機的模式。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for AUCMALtd, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算Aucmaltd的這個指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.0034 = CN¥11m ÷ (CN¥7.7b - CN¥4.4b) (Based on the trailing twelve months to September 2023).
0.0034 = 1,100萬元人民幣 ÷(77億元人民幣-4.4億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, AUCMALtd has an ROCE of 0.3%. Ultimately, that's a low return and it under-performs the Consumer Durables industry average of 8.1%.
因此,Aucmaltd的投資回報率爲0.3%。歸根結底,這是一個低迴報,其表現低於耐用消費品行業平均水平的8.1%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240417/0-d99a5badc74a074a001847d3e3db38c6-0-b710bb960bd5513b9daa15f717319663.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for AUCMALtd's ROCE against it's prior returns. If you'd like to look at how AUCMALtd has performed in the past in other metrics, you can view this free graph of AUCMALtd's past earnings, revenue and cash flow.
歷史表現是研究股票的絕佳起點,因此您可以在上方看到Aucmaltd的投資回報率與先前回報率的對比。如果你想在其他指標中查看Aucmaltd過去的表現,你可以查看Aucmaltd過去的收益、收入和現金流的免費圖表。
How Are Returns Trending?
退貨趨勢如何?
On the surface, the trend of ROCE at AUCMALtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 0.3% from 1.3% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,Aucmaltd的投資回報率趨勢並不能激發信心。在過去五年中,資本回報率從五年前的1.3%降至0.3%。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
On a separate but related note, it's important to know that AUCMALtd has a current liabilities to total assets ratio of 57%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一方面,重要的是要知道Aucmaltd的流動負債與總資產的比率爲57%,我們認爲這個比率相當高。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。
Our Take On AUCMALtd's ROCE
我們對Aucmaltd投資回報率的看法
In summary, AUCMALtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 1.5% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
總而言之,Aucmaltd正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。而且,由於該股在過去五年中僅向股東回報了1.5%,因此你可以說他們意識到了這些乏善可陳的趨勢。因此,如果您正在尋找多袋機,我們建議您考慮其他選項。
One more thing to note, we've identified 3 warning signs with AUCMALtd and understanding these should be part of your investment process.
還有一件事需要注意,我們已經確定了Aucmaltd的3個警告信號,我們知道這些信號應該是您投資過程的一部分。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。